Biggest Africa Refinery Has $113 Million Less Gold Than in Books
By GCRU Gold News on Friday, July 25 2014, 23:08 - Permalink
Rand Refinery Ltd., processor of about a third of the world’s gold since 1920, found $113 million less physical metal than the company had booked in its accounts after adopting a new computer system.
The refinery in Germiston, a town 20 kilometers (12 miles) east of Johannesburg, has 87,000 ounces of physical gold less than the amount present in its accounting records after “implementation difficulties” with the new system, the company said in a statement today. That’s worth about $113 million at today’s price of $1,296 an ounce.